NorthWestern Energy Group Beneish M-Score Historical Data
The historical data trend for NorthWestern Energy Group's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
NorthWestern Energy Group Beneish M-Score Chart
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NorthWestern Energy Group Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.61 |
-2.33 |
-2.37 |
-2.84 |
-2.75 |
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NorthWestern Energy Group Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Mar22 |
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Dec24 |
| Beneish M-Score |
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-2.84 |
-2.85 |
-2.66 |
-2.68 |
-2.75 |
Competitive Comparison of NorthWestern Energy Group's Beneish M-Score
For the Utilities - Regulated Electric subindustry, NorthWestern Energy Group's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
NorthWestern Energy Group's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, NorthWestern Energy Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NorthWestern Energy Group's Beneish M-Score falls into.
NorthWestern Energy Group Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of NorthWestern Energy Group for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.831 | + | 0.528 * 0.976 | + | 0.404 * 0.9728 | + | 0.892 * 1.0645 | + | 0.115 * 0.9802 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1001 | + | 4.679 * -0.025715 | - | 0.327 * 1.0312 |
| = | -2.75 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $188 Mil.
Revenue was 373.466 + 345.161 + 319.929 + 475.342 = $1,514 Mil.
Gross Profit was 218.318 + 201.407 + 186.082 + 246.439 = $852 Mil.
Total Current Assets was $418 Mil.
Total Assets was $7,998 Mil.
Property, Plant and Equipment(Net PPE) was $6,398 Mil.
Depreciation, Depletion and Amortization(DDA) was $228 Mil.
Selling, General, & Admin. Expense(SGA) was $137 Mil.
Total Current Liabilities was $802 Mil.
Long-Term Debt & Capital Lease Obligation was $2,697 Mil.
Net Income was 80.552 + 46.819 + 31.654 + 65.086 = $224 Mil.
Non Operating Income was 3.429 + 9.116 + 6.16 + 4.319 = $23 Mil.
Cash Flow from Operations was 62.837 + 119.961 + 62.266 + 161.677 = $407 Mil.
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Total Receivables was $212 Mil.
Revenue was 356.009 + 321.09 + 290.502 + 454.542 = $1,422 Mil.
Gross Profit was 201.177 + 178.907 + 168.084 + 233.189 = $781 Mil.
Total Current Assets was $407 Mil.
Total Assets was $7,601 Mil.
Property, Plant and Equipment(Net PPE) was $6,040 Mil.
Depreciation, Depletion and Amortization(DDA) was $210 Mil.
Selling, General, & Admin. Expense(SGA) was $117 Mil.
Total Current Liabilities was $535 Mil.
Long-Term Debt & Capital Lease Obligation was $2,690 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (187.764 / 1513.898) | / | (212.257 / 1422.143) |
| = | 0.124027 | / | 0.149252 |
| | = | 0.831 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (781.357 / 1422.143) | / | (852.246 / 1513.898) |
| = | 0.549422 | / | 0.562948 |
| | = | 0.976 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (418.186 + 6398.275) / 7997.524) | / | (1 - (407.006 + 6039.801) / 7600.652) |
| = | 0.147679 | / | 0.151809 |
| | = | 0.9728 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 1513.898 | / | 1422.143 |
| | = | 1.0645 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (210.474 / (210.474 + 6039.801)) | / | (227.635 / (227.635 + 6398.275)) |
| = | 0.033674 | / | 0.034355 |
| | = | 0.9802 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (137.437 / 1513.898) | / | (117.36 / 1422.143) |
| = | 0.090784 | / | 0.082523 |
| | = | 1.1001 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((2697.208 + 802.2) / 7997.524) | / | ((2690.096 + 534.898) / 7600.652) |
| = | 0.437561 | / | 0.424305 |
| | = | 1.0312 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (224.111 - 23.024 | - | 406.741) | / | 7997.524 |
| | = | -0.025715 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
NorthWestern Energy Group has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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